A move higher in the last few minutes of trading on Thursday allowed oil futures to notch a ninth straight session of gains, the longest winning streak in about nine years for the U.S. benchmark and more than 11 years for global crude prices.

“The market was looking for a bigger sell off” following comments from Federal Reserve Chairman Jerome Powell, but that didn’t happen and the oil market saw short covering, said Phil Flynn, senior market analyst at Price Futures Group.

Powell stressed again Thursday that the central bank is flexible and patient and can change policy on a dime if the economic outlook worsens. Following the comments, the dollar continued to strengthen and U.S. benchmark equity indexes traded higher as oil futures settled.

source: marketwatch.com